As the contagion reverberates across the world, the weakest banking markets are taking a toll. First, the American sub prime crisis, UK’s Northern Rock, the African cash crunch, then Zimbabwe, now the panic has spread into Turkey. Is any bank safe in this turbulent world?

“The chairman of TMSF (Savings Deposit and Insurance Fund) Ahmet Ertürk stated that they are working under war circumstances and the collection will amount to $17 billion at the end of the year.”

$60 Billion spent to compensate depositors and they have only recovered $16 Billion from 21 lenders. A 26.6% recovery rate… Does this indicate or say anything about collections elsewhere? Maybe Turkey can join the EU and show the ECB how to do things.